After a break above £75 last week which proved to be a strong psychological for oil . Going into this week we still have strong momentum although finding new resistance around £77.50 after a failed attempt to close above this price. We may see this level holding for a few days before we see a clear direction again. I believe we are still going to see strong momentum to the upside in the long term though we may see price correct due to profit taking and may find new support around the £76, a break of this level should meet strong support around £75.
Moving averages are still and the fundamentals are supporting this run.